The Donor Bill of Rights was designed about 25 years ago to provide an outline of best practices for fundraising in non-profits. While the list has been criticized for being out of date today or not being comprehensive, its basic principles are worth revisiting. Incorporating lessons from the Donor … Read More
Auditors are specialists in understanding how revenue is generated and allocated. They will spend a lot of time analyzing revenue figures, reviewing the methods used to record revenues, and performing a detailed income analysis. Non-profits can learn from auditing techniques to improve their … Read More
Annual reports help nonprofits keep their donors and volunteers informed and up to date. A well designed report can have a tremendous impact on potential donors, so be sure to take your time and make every word or image count. To help you create the best annual report possible, we have compiled some … Read More
As your nonprofit begins to prepare its taxes, it is also a good time to conduct a fundraising audit. A fundraising audit, will aide in developing a data-driven strategy to help your organization and fundraising efforts expand and grow. Below is a list of what to include in your fundraising audit … Read More
In August of 2017, a new set of rules were adopted by the Financial Accounting Standards Board (FASB). The is the first major update to the regulations since 1993, and will become effective on December 31, 2017. The goal is to improve communication between the nonprofits and its investors and … Read More
Changes in tax laws occur every year, affecting businesses of all types. These changes affect the planning and preparation of taxes for businesses ranging from sole proprietorships to large corporations. Here is a quick look at the changes which take effect during the 2017 filing season. Tax … Read More
Now is the time to start preparing your 2017 taxes. For individuals taxes must be filed by Tuesday, April 17, 2018. Your income taxes are affected by a number of factors, including such things as the sale of your primary home. The more complicated your taxes become, the more important it is to … Read More
Congress is enacting the biggest tax reform law in thirty years. The 2017 Tax Reform is one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into … Read More
Internal controls are the operating procedures a nonprofit relies on to keep things running smoothly and reduce the potential for inappropriate behavior within the organization. Essential Internal Controls Every Nonprofit Needs 1. Authority to Spend Deciding who has the authority to make and … Read More
New FASB Standards Recognizing Revenue This past August (2017), the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) to address concerns raised by stakeholders regarding the recognition of revenue from contracts and grants received by nonprofit … Read More